10-K Filing

AIR T INC CIK: 353184 FY 2012

Filing Information

Form Type	10-K
Accession Number	`0000353184-13-000009`
Period End Date	20130331
Filing Date	20130604
Fiscal Year	2012
Fiscal Period	FY
XBRL Instance	airt-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 61 Income Statement 47 Cash Flow Statement 61 Stockholders Equity 14

Balance Sheet 61 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$66.00K	USD	Point-in-time
Allowance for doubtful accounts (in Dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$108.00K	USD	Point-in-time
Preferred stock par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Preferred stock par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$1.00	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.20M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50,000.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.81M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50,000.00	shares	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $66,000 and $108,000	`AccountsReceivableNetCurrent`	$8.95M	USD	Point-in-time
Accounts receivable, less allowance for doubtful accounts of $66,000 and $108,000	`AccountsReceivableNetCurrent`	$11.69M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.25	USD	Point-in-time
Notes and other receivables-current	`AccountsNotesAndLoansReceivableNetCurrent`	$145.49K	USD	Point-in-time
Notes and other receivables-current	`AccountsNotesAndLoansReceivableNetCurrent`	$64.25K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	4.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	4.00M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$642.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.45M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$287.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.45M	shares	Point-in-time
Inventories	`InventoryNet`	$8.18M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.45M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.45M	shares	Point-in-time
Inventories	`InventoryNet`	$13.45M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$410.00K	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$430.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$761.02K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$619.13K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$30.53M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$30.11M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$2.98M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$3.47M	USD	Point-in-time
Cash Surrender Value of Life Insurance Policies	`CashSurrenderValueOfLifeInsurance`	$1.68M	USD	Point-in-time
Cash Surrender Value of Life Insurance Policies	`CashSurrenderValueOfLifeInsurance`	$1.78M	USD	Point-in-time
Notes and Other Receivables-LongTerm	`NotesAndLoansReceivableNetNoncurrent`	$158.28K	USD	Point-in-time
Notes and Other Receivables-LongTerm	`NotesAndLoansReceivableNetNoncurrent`	$191.50K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$112.17K	USD	Point-in-time
Other Assets	`OtherAssetsNoncurrent`	$114.27K	USD	Point-in-time
Total Assets	`Assets`	$36.05M	USD	Point-in-time
Total Assets	`Assets`	$35.08M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.74M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$6.00M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.97M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$2.12M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.97M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$7.86M	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$69.00K	USD	Point-in-time
Deferred Income Taxes	`DeferredTaxLiabilitiesNoncurrent`	$64.00K	USD	Point-in-time
Common stock, $.25 par value; 4,000,000 shares authorized, 2,446,286 shares issued and outstanding	`CommonStockValue`	$611.57K	USD	Point-in-time
Common stock, $.25 par value; 4,000,000 shares authorized, 2,446,286 shares issued and outstanding	`CommonStockValue`	$611.57K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$6.32M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$6.31M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$21.19M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$20.13M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$27.05M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$28.12M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$26.24M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$35.08M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$36.05M	USD	Point-in-time

Income Statement 47 line items

Line Item	Tag	Value	Unit	Period
Overnight air cargo	`CargoAndFreightRevenue`	$48.34M	USD	Annual
Overnight air cargo	`CargoAndFreightRevenue`	$49.85M	USD	Annual
Ground equipment sales	`GroundEquipmentSales`	$40.29M	USD	Annual
Ground equipment sales	`GroundEquipmentSales`	$32.09M	USD	Annual
Ground support services	`GroundSupportServices`	$12.92M	USD	Annual
Ground support services	`GroundSupportServices`	$8.95M	USD	Annual
Revenues	`Revenues`	$103.06M	USD	Annual
Revenues	`Revenues`	$89.38M	USD	Annual
Flight-air cargo	`FlightairCargo`	$20.02M	USD	Annual
Flight-air cargo	`FlightairCargo`	$19.87M	USD	Annual
Maintenance-air cargo	`MaintenanceairCargo`	$21.59M	USD	Annual
Maintenance-air cargo	`MaintenanceairCargo`	$23.14M	USD	Annual
Ground equipment sales	`GroundEquipmentExpense`	$35.01M	USD	Annual
Ground equipment sales	`GroundEquipmentExpense`	$28.07M	USD	Annual
Ground support services	`GroundSupportExpenses`	$6.09M	USD	Annual
Ground support services	`GroundSupportExpenses`	$9.17M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$12.46M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$11.34M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$532.77K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$364.21K	USD	Annual
Loss (gain) on sale of assets	`GainsLossesOnSalesOfAssets`	$22.37K	USD	Annual
Loss (gain) on sale of assets	`GainsLossesOnSalesOfAssets`	$-4.36K	USD	Annual
OperatingExpenses	`OperatingExpenses`	$87.31M	USD	Annual
OperatingExpenses	`OperatingExpenses`	$100.34M	USD	Annual
Operating Income	`OperatingIncomeLoss`	$2.73M	USD	Annual
Operating Income	`OperatingIncomeLoss`	$2.07M	USD	Annual
Investment income, net	`InvestmentIncomeInterest`	$1.83K	USD	Annual
Investment income, net	`InvestmentIncomeInterest`	$22.68K	USD	Annual
NonoperatingIncomeExpense	`NonoperatingIncomeExpense`	$1.83K	USD	Annual
NonoperatingIncomeExpense	`NonoperatingIncomeExpense`	$22.68K	USD	Annual
Income Before Income Taxes	`IncomeLossFromContinuingOperations`	$2.73M	USD	Annual
Income Before Income Taxes	`IncomeLossFromContinuingOperations`	$2.10M	USD	Annual
Income Taxes	`IncomeTaxExpenseBenefit`	$746.00K	USD	Annual
Income Taxes	`IncomeTaxExpenseBenefit`	$1.06M	USD	Annual
Net Income	`NetIncomeLoss`	$1.35M	USD	Annual
Net Income	`NetIncomeLoss`	$1.67M	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.55	USD	Annual
Basic (in Dollars per share)	`EarningsPerShareBasic`	$0.68	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.68	USD	Annual
Diluted (in Dollars per share)	`EarningsPerShareDiluted`	$0.55	USD	Annual
Dividends Declared Per Share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.25	USD	Annual
Dividends Declared Per Share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.25	USD	Annual
Dividends Declared Per Share (in Dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.30	USD	2 Qtrs
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.44M	shares	Annual
Basic (in Shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	2.45M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.45M	shares	Annual
Diluted (in Shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	2.45M	shares	Annual

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$1.35M	USD	Annual
Net income	`NetIncomeLoss`	$1.67M	USD	Annual
Loss (gain) on sale of assets	`GainLossOnDispositionOfAssets`	$-4.36K	USD	Annual
Loss (gain) on sale of assets	`GainLossOnDispositionOfAssets`	$22.37K	USD	Annual
Change in accounts receivable and inventory reserves	`IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve`	$-236.21K	USD	Annual
Change in accounts receivable and inventory reserves	`IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve`	$25.57K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$532.77K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$364.21K	USD	Annual
Change in cash surrender value of life insurance	`IncreaseDecreaseInInsuranceAssets`	$91.70K	USD	Annual
Change in cash surrender value of life insurance	`IncreaseDecreaseInInsuranceAssets`	$97.51K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$25.00K	USD	Annual
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$405.00K	USD	Annual
Warranty reserve	`ProductWarrantyAccrualPeriodIncreaseDecrease`	$184.00K	USD	Annual
Warranty reserve	`ProductWarrantyAccrualPeriodIncreaseDecrease`	$489.00K	USD	Annual
Compensation expense related to stock options	`ShareBasedCompensation`	$1.47K	USD	Annual
Compensation expense related to stock options	`ShareBasedCompensation`	$13.00K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.67M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.69M	USD	Annual
Notes receivable and other non-trade receivables	`IncreaseDecreaseInReceivables`	$48.00K	USD	Annual
Notes receivable and other non-trade receivables	`IncreaseDecreaseInReceivables`	$-110.69K	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$3.26M	USD	Annual
Inventories	`IncreaseDecreaseInInventories`	$-4.59M	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$365.64K	USD	Annual
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-139.80K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-258.23K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-100.41K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-321.95K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-30.84K	USD	Annual
Income taxes payable/ receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-355.00K	USD	Annual
Income taxes payable/ receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$714.00K	USD	Annual
Total adjustments	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-2.69M	USD	Annual
Total adjustments	`IncreaseDecreaseInOtherOperatingCapitalNet`	$597.95K	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.36M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-752.27K	USD	Annual
Proceeds from sale of investments	`PaymentsForProceedsFromInvestments`	$-51.03K	USD	Annual
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$8.00K	USD	Annual
Proceeds from sale of assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$45.25K	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.00M	USD	Annual
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$375.05K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-905.50K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-367.05K	USD	Annual
Payment of cash dividend	`PaymentsOfDividends`	$611.57K	USD	Annual
Payment of cash dividend	`PaymentsOfDividends`	$611.57K	USD	Annual
Payment on capital leases	`RepaymentsOfLongTermCapitalLeaseObligations`	$8.27K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$124.35K	USD	Annual
Tax effect from exercise and forfeiture of stock options	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-52.16K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-611.57K	USD	Annual
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-547.65K	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.38M	USD	Annual
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-700.88K	USD	Annual
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$9.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$6.52M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$5.81M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$9.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$6.52M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF YEAR	`CashAndCashEquivalentsAtCarryingValue`	$5.81M	USD	Point-in-time
Finished goods inventory transferred to equipment leased to customers	`NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1`	$661.05K	USD	Annual
Interest	`InterestPaid`	$22.00K	USD	Annual
Interest	`InterestPaid`	$1.80K	USD	Annual
Income taxes	`IncomeTaxesPaid`	$1.09M	USD	Annual
Income taxes	`IncomeTaxesPaid`	$675.00K	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Cash dividend per share	`CommonStockDividendsPerShareCashPaid`	$0.25	USD	Annual
Balance	`StockholdersEquity`	$27.05M	USD	Point-in-time
Balance	`StockholdersEquity`	$28.12M	USD	Point-in-time
Balance	`StockholdersEquity`	$26.24M	USD	Point-in-time
Cash dividend per share	`CommonStockDividendsPerShareCashPaid`	$0.25	USD	Annual
Net income	`NetIncomeLoss`	$1.35M	USD	Annual
Net income	`NetIncomeLoss`	$1.67M	USD	Annual
Cash dividend	`DividendsCash`	$-611.57K	USD	Annual
Cash dividend	`DividendsCash`	$-611.57K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$124.35K	USD	Annual
Exercise of stock options (in Shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	-15,000.00	shares	Annual
Tax effect from exercise and forfeiture of stock options	`AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation`	$-52.16K	USD	Annual
Compensation expense related to stock options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$1.47K	USD	Annual
Compensation expense related to stock options	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$13.00K	USD	Annual

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.